Transaction between business and owner are recorded following ____ concept
A. Periodicity
B. Business entity
C. Prudence
D. Going concern
Answer: Option B
Solution(By Examveda Team)
Transaction between business and owner are recorded following Business entity concept. The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses.Related Questions on Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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